The 
Securities and Exchange Board of India (SEBI) recently approved plans by Fincare Small Finance Bank (SFB), an Indian microfinance provider, to proceed with an initial public offering (IPO) of up to INR 13.3 billion (USD 180 million), of which INR 10 billion (USD 130 million) would be sold by Fincare Businesses Services, the majority owner of Fincare SFB.
Based in the city of Bengaluru, Fincare SFB was founded as a microlender in 2007 and received its SFB licence in 2017. The firm promotes financial inclusion by providing individuals – as well as micro-, small and medium-sized enterprises (MSMEs) – financial services such as savings; loans for business purposes, housing and vehicles; loans secured by gold; non-resident Indian (NRI) banking services; debit cards; and access to automated teller machines.
As of March 2020, Fincare SFB served 2.5 million customers in 15 states and union territories with total assets of INR 71 billion (USD 971 million), a gross loan portfolio of INR 48 billion (USD 663 million) and customer deposits of INR 46 billion (USD 635 million). For the 2020 fiscal year, the firm reported return on assets of 2.4 percent and return on equity of 18 percent.
Fincare Business Services was founded in 2014. Among the other shareholders in Fincare SFB is India-based Motilal Oswal Private Equity.
By Harriet Ritchie, Research Associate
Sources and Additional Resources
Live Mint article
https://www.livemint.com/market/ipo/fincare-small-finance-bank-gets-sebi-approval-for-rs-1-330-cr-ipo-11627903576434.html
Fincare SFB homepage
https://www.fincarebank.com/
Fincare SFB 2020 annual report
https://www.fincarebank.com/sites/default/files/2020-08/Fincare-Annual-Report-FY-2019-20-Web_Version_0.pdf
Fincare Business Services homepage
https://www.fincare.com/
Motilal Oswal Private Equity homepage
https://motilaloswalpe.com/
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